Transrail Lighting IPO listed @Rs.590

December 27, 2024 admin Leave a reply Post Comment

Transrail Lighting IPO GMP, Review, Subscription Status, allotment & listing details @ Chanakyanipothi.com
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What is the business of Transrail Lighting?

Transrail Lighting is one of the leading Indian engineering, procurement and construction (“EPC”) companies with primary focus on power transmission and distribution business and integrated manufacturing facilities for lattice structures, conductors, and monopoles. It has a track record of four decades in providing comprehensive solutions on a turnkey basis globally and have been a trusted and longstanding partner in the power transmission and distribution sector. The Company has also reported the highest growth in its revenue from operations at 35.1% among its peers in Financial Year ended March 31, 2023. Its position in the power transmission and distribution sector is owing to the following factors:
• Having a footprint in 58 countries like Bangladesh, Kenya, Tanzania, Niger, Nigeria, Mali, Cameroon, Finland, Poland, Nicaragua etc. including turnkey EPCs or supply projects.
• As of September 30, 2023, it has undertaken EPC of 33,500 circuit kilometers (“CKM”) transmission lines and 30,000 CKM distribution lines, domestically and internationally. It provides EPC services in relation to substations up to 765 kilovolts (“kV”).
• The Company has presence in all the power transmission and distribution segments and majorly in high voltage (“HV”) and extra high voltage (“EHV”) segments.

Market Opportunity for this company:

The power transmission and distribution system across India has expanded extensively. The total length of (i) domestic transmission lines rose from 413,407 CKM in Financial Year ended March 31, 2019 to 471,341 CKM in Financial Year ended March 31, 2023, and (ii) domestic distribution lines rose from 582,100 CKM in Financial Year ended March 31, 2019 to 971,500 CKM in Financial Year ended March 31, 2023. To service a large generation installed base, the estimated investment in the transmission sector is expected to cumulatively reach approximately Rs.2.30 trillion for Financial Year 2024-2028. Investments in distribution sector will be led primarily by spending under revamped distribution sector scheme, bolstered by smart metering investments, leading to cumulative investment in distribution to the tune of approximately Rs.3.00-3.50 trillion over the next five years.

For more information, click : www.transrail.in

Transrail Lighting IPO GMP, Particulars & Guidance

Transrail Lighting IPO Review * by Paresh Gordhandas, CA & Research Analyst.
Transrail Lighting is one of the leading Indian engineering, procurement and construction (“EPC”) companies with primary focus on power transmission and distribution business and integrated manufacturing facilities for lattice structures, conductors, and monopoles. It has a track record of four decades in providing comprehensive solutions on a turnkey basis globally and have been a trusted and longstanding partner in the power transmission and distribution sector.

Its position in the power transmission and distribution sector is extremely strong owing to the fact that 
it has footprint in 58 countries like Bangladesh, Kenya, Tanzania, Niger, Nigeria, Mali, Cameroon, Finland, Poland, Nicaragua etc. including turnkey EPCs or supply projects.
The sector in which the company operates has strong growth potential. To service a large generation installed base, the estimated investment in the transmission sector is expected to cumulatively reach approximately Rs.2.30 trillion for Financial Year 2024-2028. Investments in distribution sector will be led primarily by spending under revamped distribution sector scheme, bolstered by smart metering investments, leading to cumulative investment in distribution to the tune of approximately Rs.3.00-3.50 trillion over the next five years.

The net size of the IPO is Rs. 587.24 crore, which is relatively moderate. The HNI portion, valued at Rs. 125.81 crore, holds significant potential for oversubscription. The shares are priced at a PE multiple of 22.05, which is quite attractive, especially when compared to peer companies such as KEC International, which has a PE multiple of 91.95, and Skippers India, with a PE multiple of 75.97.

From a fundamental perspective, the IPO appears well-priced with strong potential for both listing gains and long-term returns, especially given its competitive PE ratio relative to its peers.

From a grey market perspective, the IPO is currently commanding a premium of Rs. 120 over the offer price of Rs. 432, indicating strong investor interest and the likelihood of favorable listing gains. The combination of a reasonable PE multiple and grey market premium further supports its potential for positive returns post-listing

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